Properties located in some of the UK’s most iconic festival towns and cities have seen house prices increase by more than £100,000 since 2010, a new analysis shows.
The data was put together using Rightmove figures and was then analysed by Jackson-Stops & Staff.
Pilton in Somerset, home of last weekend’s Glastonbury festival, has experienced an increase in house prices by almost 25% over the last seven years, up by £101,510. This figure is significantly higher than the average for Somerset as a whole where prices have only increased by £60,150 over the same period of time.
Another area that has done particularly well is Hay-On-Wye, also known for the Hay Festival of Literature and Arts, which has been running for 30 years. Property values in Hay-On-Wye have increased by £78,710 more over the last seven years than the regional’s average at Powys, to which Hay-On-Wye belongs.
And finally, Henley-On-Thames, home to the Henley Festival, has seen house prices increase by 45% since 2010, or by £232,080 in other words. The county of Oxfordshire, to which Henley-On-Thames belongs, has only experienced an increase in property prices of 30% over the same period of time.
Nick Leeming, chairman at Jackson-Stops & Staff, said:
“The UK’s love of festivals has never been higher, which is reflected in people’s desire to live in their vicinity, contributing to the house price growth premium shown in the data.”
“The inward investment festival-goers bring to an area contributes to improved infrastructure and amenities, which all help add to the value of local homes. From musical to literary, food and action, festivals draw in huge crowds and are often an opportune time for would-be-sellers to capitalise on the associated hype. Aside from price growth, with record traffic passing through high streets and past estate agent windows, sellers would do well to consider marketing their home at this time of the year.”
“Many homeowners use festivals as a way of drawing in extra income through holiday letting. Short term rental accommodation can attract a significant premium over these festival weekends with many owners either letting spare rooms out or decamping and offering the entire home to families.”